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Portland Real Estate Update By Rob Levy

Portland Real Estate Update June '15

The June update shows May numbers continuing the robust real estate activity in most of the Metro Portland, Oregon area.  Closed sales show an 18.5% improvement over May 2014, and a 7.6% improvement over last month, April 2015.   In fact, this was the strongest May for closings since before the recession in 2006!  Inventory is still an issue with 1.7 months of inventory available.  6 months is considered a "balanced" market.  The total market time has decreased to 55 days and there were 5,125 homes on the market at the end of May, the latest date available.

The chart to the left shows the average and median sales prices in the Portland Metropolitan area (tri-county) since 2006 for single family homes.  You can see we are back above where we were before the crash!  Prices continue to rise in 2015 compared to 2014.  Comparing each month through May the average sale price rose 4.6% from $327,200 to $342,300.  

Our home of the month is a stunning home on almost five acres in the coveted Helvetia area of NW Portland.  This completely renovated 1935 farmhouse with over 3,200 square feet also boasts a 3,200SF cement floored barn too!  All this with stunning views from the inground pool and only minutes to the freeway and Portland, Hillsboro and Beaverton.  You can see this home including the virtual tour by clicking here.

The Cost of Renting

I dont think I have ever gotten more calls or emails from one of my newsletters as I have from sending this image out, so here we go again.  This image really shows that now is a fantastic time to buy a home if you are a renter.   Rents are at all time highs and even though prices have gone up, with interest rates as low as they are it still cheaper to buy a house rather than rent one.  Many people tell me "we dont have the downpayment money" but there are programs out there for first time homebuyers that are 100% financing, in fact we sold one today with that "fresh start" program.  Also, FHA has 3.5% down and VA still offers their $1 down program too.  These loans, plus possible seller or family contributions make getting into that first home easier.  If you know of someone who has a Land Rover AND has a Land Lord, have them call me so we can show them how they can buy their first home.

Family Wealth with Real Estate

Its no secret that owning a home over the long term adds to family wealth, but the chart to the left shows what the projection is from now through 2020.  Bottom line using the USA average home price and expected appreication as projected by the home price expectation survey shows an increase of almost $50,000 in family wealth during that time just by owning a home.